Swiss banks face huge U.S. tax fines

Failure to report funds held by Americans brings massive penalty

Published: 05/22/2013 at 11:26 PM

(The Local) Swiss banks holding U.S. citizens’ funds that are not declared to American tax authorities face massive fines under a deal between Switzerland and Washington, a newspaper reported on Wednesday.

The Swiss daily Neue Zuercher Zeitung, quoting sources familiar with the talks, said that the fines could reach 40 percent of the funds in question.